THELOGICALINDIAN - Officially Wednesday Nov 14 will go bottomward as the affliction trading day of the year as BTC sunk to almanac lows Unofficially there were still blooming shoots to be begin if you knew area to attending mostly to the stablecoin area These dollarpegged assets commonly so aggressive to animation accept been trading at a exceptional as investors seek altar from the storm
Also read: Preparing for the Looming Bitcoin Cash Fork
Nov. 14: Bad Day for Cryptocurrency –
Good Day for Stablecoins?
On a day back the the bazaar turns red, any crypto-asset that can aftermath a accumulation is about hailed. But back that asset is a stablecoin whose primary charge is to authority fast, it’s adamantine to apperceive what to accomplish of things. As the price of BTC accomplished its everyman point back Oct. 24, 2017 — bringing the blow of the bazaar bottomward with it — the alone winners were stablecoins. As appeal for these called assets intensified, the archive for abounding of them began to to resemble a archetypal altcoin pump.
On Binance, trueusd (TUSD) accomplished $1.07, with paxos (PAX) not far abaft at $1.05. The two bill were the better gainers out of all 158 assets on Binance, up about 15 percent, while best of the bazaar nursed abysmal double-digit losses. TUSD was the sixth-most accepted asset on Binance on Nov. 14, with aggregate of 2,650 BTC. On added cryptocurrency exchanges, it was a agnate story, with the Gemini dollar (GUSD) casual $1.03.
The Tether Premium
One arrangement that has emerged during times of abysmal bazaar losses is for BTC to barter at a exceptional on tether-based exchanges. This alleged “risk premium,” attributed to the apprehension some traders accept in binding (USDT), alike during times of acute volatility, sees BTC barter for as abundant as $300 added per bread than on exchanges that aren’t wholly codicillary on USDT. Tether’s about animation over the accomplished month, bottomward from its dollar peg to as low as $0.88 at one point, has prompted traders to seek out means to accumulation from flipping USDT. A adviser to trading tether, published today, advised:
Most dollar-pegged stablecoins were trading at over $1 at the time of writing, but there accept been a brace of exceptions. Bitusd, which is alone tradable on the Openledger DEX, flash-crashed to $0.83 beforehand today, and was sitting at $0.97 above-mentioned to publication. Dai, meanwhile, was trading at aloof beneath a dollar, accepting gone as low as $0.97. For the added aqueous stablecoins, however, which avowal a decidedly beyond bazaar cap than the brand of dai, today’s affairs burden has created a premium. While best traders are carefully eyeing the BTC and BCH tickers, they may as able-bodied be watching a stablecoin such as TUSD or GUSD. When the stablecoin fasten assuredly flattens out, the affliction should be over.
Do you anticipate BTC will attempt lower still or is this the basal for 2018? Let us apperceive in the comments area below.
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